We’re only 75 pips off record lows and USD/JPY seems unable to rally, without the help of some intervention that is. The BOJ is printing new money to pay for the intervention but with the Fed also in printing mode, I guess that just maintains the status quo. Whatever happened to the idea of a hard currency.
The BOJ supposedly bought 50 billion USD/JPY last week and we’re still at the same level. I couldn’t go short USD/JPY at these extremely low levels but I won’t be buying it either.
